Recently, SUNGROW released its 2022 performance report, and achieved revenue of 39-42 billion yuan in 2022, an increase of 62%-74% year-on-year; The net profit was 3.2-3.8 billion yuan, up 102-140% year-on-year. Among them, Q4 achieved revenue of 16.8-19.8 billion yuan and net profit of 1.14-1.74 billion yuan. According to the median calculation, Q4 net profit increased by 24% month-on-month, exceeding previous market expectations.
The sales growth of photovoltaic inverters exceeded expectations, the profit continued to improve, and the energy storage growth was bright. The "second growth curve" will drive the company's revenue to increase substantially. With the accelerated development of the company's optical storage business, it is estimated that the company will achieve a net profit of 3.479/5.989/8.259 billion yuan in 22-24 years, corresponding to EPS of 2.34/4.03/5.56 yuan, and the current stock price corresponds to PE of 55/32/23 times in 22-24 years.
At the end of 2022, the domestic ground photovoltaic project rushed to install, driving the company's inverter shipments to grow rapidly. It is expected that the company's 22Q4 photovoltaic inverter shipments will exceed expectations; In 2023, with the downward price of silicon materials, the global demand for photovoltaic has greatly increased, and the company is the global inverter leader of ground power stations, which will continue to benefit from the demanding. In terms of "profit", with the lower price of freight and raw material price, it is expected that the gross profit margin of the whole inverter business of the company will continue to be improve.
The downward price of silicon will drive the investment and development business of photovoltaic power stations to increase: the high price of components in 2022 will put the overall pressure on the investment and development business of the company's power stations. With the lower price of silicon materials, it is expected that the demanding of the company's photovoltaic EPC business will be greatly increased in 2023, and the profitability will be improved compared with that in 22 years.
As a leading enterprise in the global energy storage industry, the company occupies a leading position in the energy storage integration of ground power stations, and is accelerating the layout of household energy storage and industrial and commercial energy storage. In 2022, the energy storage of ground power stations in China and the United States will develop rapidly, and it is expected that the revenue recognition of the company's 22Q4 energy storage system will exceed expectations. In terms of profitability, with the lower price of raw material, the profitability of energy storage business is also continuously improving. With the substantial increase in global energy storage demand, the company will fully benefit.
The company's inverter sales volume will still maintain a high-speed growth trend, and the long-term stable development of the company is just around the corner.
Sungrow profit continues to repair, and the growth of optical storage business is bright-China exportsemi.com
